The Financial Claims Scheme was established in October 2008. Its purpose is to protect depositors of authorised deposit-taking institutions (banks, building societies and credit unions) and policyholders of general insurers from potential loss due to the failure of these institutions.
For ADIs, the scheme provides protections to depositors up to the limit of the scheme and seeks to provide depositors with timely access to their deposits in the event of the failure of their authorised deposit-taking institution.
For general insurers, the scheme provides compensation to eligible policyholders with valid claims against a failed general insurer.
APRA is responsible for the administration of the Financial Claims Scheme.
Further information regarding the operation of the Financial Claims Scheme, as it applies to authorised deposit-taking institutions and general insurers, is available in the “Frequently Asked Questions” documents at the links below:
